Spain allocates 40 million Euros to finance business projects in Cuba
The Spanish Development Finance Company (COFIDES by its Spanish acronym) has launched a financing facility to promote projects of Spanish companies in Cuba.
The aim is to support projects of small and medium enterprises and large companies with a budget of 40 million Euros which could be extended according to the needs of Spanish companies.
The financing includes two types of projects: those developed in any other province in the country and other more specific to operations in the Special Development Zone Mariel (ZEDM). According to Salvador Marin, President of COFIDES, this comes "after the opening to the outside that Cuba is experiencing, incentives to foreign investment that the country will provide and the interest shown by Spanish companies," he said.
According to Secretary of State for Trade, Jaime García-Legaz, the fact that the new law on foreign investment in Cuba guarantees the repatriation of profits opens to almost all sectors the possibility of participation of up to 100% including property companies.